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Regulatory

SMSF property adviser pleads guilty

ELIZA BAVIN  |  MONDAY, 24 FEB 2020
The director of a 'one-stop-shop' for SMSFs has pleaded guilty to 17 counts of aggravated deception and one count of dishonest dealings with documents.

Wells Fargo coughs up $4.5 billion

ALLY SELBY  |  MONDAY, 24 FEB 2020
Wells Fargo will fork out $4.5 billion to resolve the fake account scandal that has continued to rattle the world's fourth largest bank since 2016.

APRA introduces annual stress-testing

ELIZA BAVIN  |  MONDAY, 24 FEB 2020
Authorised deposit-taking institutions are in need of ongoing improvement in stress testing for all entities, according to APRA's review of 28 ADIs.

Tax chiefs crack down on tax evasion

ELIZA BAVIN  |  FRIDAY, 21 FEB 2020
Leaders from five international tax organisations came together in Sydney to review their work in fighting against transnational tax crime, revealing recent action against a global financial institution.

Blockchain startup raises $68m, ordered to return funds

ALLY SELBY  |  FRIDAY, 21 FEB 2020
The Securities and Exchange Commission (SEC) has settled charges against a blockchain startup, after it raised $68 million through an unregistered "initial coin offering".

Consultation on mortgage broker best interests duty opens

ALLY SELBY  |  THURSDAY, 20 FEB 2020
The corporate watchdog has started a four week consultation process to draft guidance on the new best interests duty for Australia's mortgage brokers.

Status quo not option for remuneration: APRA

ELIZA BAVIN  |  THURSDAY, 20 FEB 2020
APRA chair Helen Rowell used her speech at an Australian Institute of Company Directors breakfast to push the ongoing need for accountability in financial services and said APRA plans to push ahead with its draft remuneration plan despite harsh criticism.

Westpac forks out $80m for AUSTRAC scandal

ELIZA BAVIN  |  THURSDAY, 20 FEB 2020
Westpac said it expects $80 million in additional expenses in FY20 as parts of its response plan in relation to the AUSTRAC scandal.

Nowra man lies to ASIC, jailed

ELIZABETH MCARTHUR  |  MONDAY, 17 FEB 2020
A 73-year-old man from Nowra in New South Wales is facing two years imprisonment for giving false or misleading information to ASIC about shareholding.

FSC calls for CSLR claims cap

ALLY SELBY  |  FRIDAY, 14 FEB 2020
The Financial Services Council (FSC) has called for the government to cap compensation claims over financial misconduct at "reasonable levels" so as not to create a "moral hazard".